Download Calvert High Yield Bond Fund

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Click here to view the Fund’s Statement of Additional Information
Summary Prospectus dated February 1, 2017
as revised April 10, 2017
Calvert High Yield Bond Fund
Class /Ticker
A / CYBAX
C / CHBCX
Y / CYBYX
I / CYBIX
This Summary Prospectus is designed to provide investors with key fund information in a clear and concise format. Before you invest, you may want to review the Fund’s Prospectus and
Statement of Additional Information, which contain more information about the Fund and its risks. The Fund’s Prospectus and Statement of Additional Information, both dated February 1,
2017, as may be amended or supplemented, are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the Fund’s Prospectus, Statement of Additional
Information, and other information about the Fund, go to www.calvert.com/prospectus, email a request to [email protected], call 1-800-368-2745, or ask any financial
advisor, bank, or broker-dealer who offers shares of the Fund. Unless otherwise noted, page number references refer to the current Prospectus for this Fund.
Investment Objective
The Fund seeks high current income and capital appreciation, secondarily.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales
charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Calvert mutual funds. Certain
financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix B – Financial
Intermediary Sales Charge Variations in the Prospectus. More information about these and other discounts is available from your
financial professional and under “Choosing a Share Class” on page 58 and “Reduced Sales Charges” on page 60 of the Fund’s
Prospectus, and under “Method of Distribution” on page 35 of the Fund’s Statement of Additional Information.
Shareholder Fees (fees paid directly from your investment)
3.75%
None
None
None
1.00%(2)
None
None
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Class A
Class C
Class Y
Class I
0.60%
0.60%
0.60%
0.60%
(3)
Distribution and service (12b-1) fees
0.25%
1.00%
None
None
Other expenses
0.33%
0.52%
0.30%
0.15%
1.18%
2.12%
0.90%
0.75%
(0.11)%
(0.30)%
(0.08)%
(0.02)%(5)
1.07%
1.82%
0.82%
0.73%
(4)
Total annual fund operating expenses after fee waiver and/or expense reimbursement
(4)
(5)
Class I
None(1)
Less fee waiver and/or expense reimbursement
(3)
Class Y
Maximum deferred sales charge (load) (as a % of amount purchased or redeemed, whichever is lower)
Total annual fund operating expenses
(2)
Class C
Maximum sales charge (load) on purchases (as a % of offering price)
Management fees
(1)
Class A
Purchases of Class A shares at net asset value for accounts with $1,000,000 or more on which a finder’s fee has been paid are subject to a one-year contingent deferred sales charge of 0.80%.
Applies to redemptions of Class C shares within one year of purchase.
Management fees are restated to reflect current contractual fees rather than the fees paid during the previous fiscal year.
Calvert Research and Management (“CRM”) has agreed to reimburse the Fund’s expenses to the extent that Total Annual Fund Operating Expenses exceed 1.07% for Class A shares, 1.82% for Class C
shares, 0.82% for Class Y shares and 0.74% for Class I shares. This expense reimbursement will continue through January 31, 2018. Any amendment to or termination of this reimbursement would
require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and
expenses of unaffiliated funds, interest expense, taxes or litigation expenses. Amounts reimbursed may be recouped by CRM during the same fiscal year to the extent actual expenses are less than the
contractual expense cap during such year.
The contractual administrative fee is 0.12%. CRM has agreed to contractually waive 0.02% of the administrative fee on Class I shares through January 31, 2018.
Example. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other
mutual funds. The example assumes that:
v you invest $10,000 ($1,000,000 in the case of Class I shares) in the Fund for the time periods indicated and then
either redeem or hold your shares at the end of those periods;
v your investment has a 5% return each year;
v the Fund’s operating expenses remain the same; and
v any expense limitation is in effect for the period indicated in the fee table above.
Although your actual costs may be higher or lower, under these assumptions your costs would be:
Expenses with Redemption
Expenses without Redemption
1 Year
3 Years
5 Years
10 Years
1 Year
3 Years
5 Years
10 Years
Class A shares
$480
$725
$989
$1,744
$480
$725
$989
$1,744
Class C shares
$285
$635
$1,112
$2,428
$185
$635
$1,112
$2,428
Class Y shares
$84
$279
$491
$1,100
$84
$279
$491
$1,100
Class I shares
$7,456
$23,768
$41,496
$92,845
$7,456
$23,768
$41,496
$92,845
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (“turns over” its portfolio). A higher
portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the “Example”, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was 129% of its portfolio’s average value.
Principal Investment Strategies
The Fund invests primarily in high-yield, high-risk bonds, with varying maturities, including distressed securities that are in
default, which are rated lower than investment grade (i.e., bonds rated lower than lower than Baa by Moody’s Investors Service,
Inc. (“Moody’s”) or lower than BBB by Standard & Poor’s Ratings Services (“S&P”)). The Fund’s duration and maturity is managed
tactically based on the Adviser’s outlook for the fixed-income markets. For its investments, the Fund seeks to identify high yield
bonds of companies that have the ability to make timely payments of principal and interest. Using fundamental credit analysis of
companies, the Fund seeks to invest in companies whose financial condition gives them greater value relative to other companies
in the high-yield market, providing the further potential for capital appreciation. Consequently, capital appreciation is a secondary
objective of the Fund. Under normal circumstances, the Fund invests at least 80% of its net assets (including borrowings for
investment purposes) in high yield, high risk bonds, also known as “junk” bonds. For purposes of ratings restrictions, if securities
are rated differently by two or more rating agencies, the lower rating is used. The Fund will provide shareholders with at least 60 days’
notice before changing this 80% policy.
The Fund also may invest in trust preferred securities, taxable municipal securities, leveraged loans and asset-backed securities
(“ABS”), including commercial mortgage-backed securities. In addition, the Fund may invest in foreign debt securities.
The Fund may invest in securities that represent interests in pools of mortgage loans or other assets assembled for sale to investors
by various U.S. governmental agencies, government-related organizations and private issuers. These investments may include
securities such as collateralized mortgage obligations (“CMOs”) and ABS.
Under certain market conditions, the Fund may opportunistically use a hedging technique that includes the purchase and sale of
U.S. Treasury securities and related futures contracts to manage the duration of the Fund and hedge interest rate risk.
The Adviser actively manages the Fund’s investments and securities that may be bought and sold on a daily basis. The Adviser’s
staff monitors the credit quality of securities held by the Fund and other securities available to the Fund. Although the Adviser considers
security ratings when making investment decisions, it performs its own credit and investment analysis utilizing various methodologies
including “bottom up/top down” analysis and consideration of macroeconomic and technical factors, and does not rely primarily
on the ratings assigned by the rating services. In conjunction with its financial analysis, investment decisions are made in consideration
of the responsible investing criteria described below. The portfolio managers attempt to improve yield and preserve and enhance
principal value through timely trading. The portfolio managers also consider the relative value of securities in the marketplace in making
investment decisions.
Responsible Investing. In selecting investments for the Fund, CRM is guided by The Calvert Principles for Responsible Investment,
which provide a framework for considering environmental, social and governance factors that may affect investment performance.
Principal Risks
Bond Market Risk. Economic and other events (whether real, perceived or expected) can reduce the demand for investments held
by the Fund, which may reduce their market prices and cause the value of Fund shares to fall. The frequency and magnitude of
such changes cannot be predicted. Certain securities and other investments held by the Fund can experience downturns in trading
activity and, at such times, the supply of such instruments in the market may exceed the demand. At other times, the demand
for such instruments may exceed the supply in the market. An imbalance in supply and demand in the market may result in greater
price volatility, less liquidity, wider trading spreads and a lack of price transparency in the market. No active trading market may
exist for certain investments, which may impair the ability of the Fund to sell or to realize the full value of such investments in the
event of the need to liquidate such assets. Adverse market conditions may impair the liquidity of some actively traded investments.
Fixed income markets have recently experienced a period of relatively high volatility due to rising U.S. treasury yields which, in
Calvert High Yield Bond Fund
2
Summary Prospectus dated February 1, 2017 as revised April 10, 2017
part, reflect the market’s expectations for higher U.S. economic growth and inflation. As a result of the Federal Reserve’s recent
decision to raise the target fed funds rate following a similar move last year and the possibility that it may continue with such rate
increases and/or unwind its quantitative easing program, among other things, markets could experience continuing high volatility,
which could negatively impact the Fund’s performance.
Credit Risk. The credit quality of fixed-income securities may deteriorate, which could lead to default or bankruptcy of the issuer
where the issuer becomes unable to pay its obligations when due. Such defaults may reduce the value of Fund shares and income
distributions. Changes in economic conditions or other circumstances may reduce the capacity of issuers of a municipal obligation
to make principal and interest payments. The value of a municipal obligation also may decline because of real or perceived
concerns about the issuer’s ability to make principal and interest payments.
Liquidity Risk. Liquidity risk exists when particular investments are difficult to sell. The Fund may be unable to sell illiquid securities
at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack
of an active market, reduced number and capacity of traditional market participants to make a market in fixed-income securities, and
may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed-income
mutual funds may be higher than normal, causing increased supply in the market due to selling activity. The secondary market
for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit
an owner’s ability to sell its municipal obligations at attractive prices. Illiquid securities also may be difficult to value.
Lower Rated Investment Risk. Investments rated below investment grade and comparable unrated investments (“junk bonds”)
can involve a substantial risk of loss. Junk bonds are considered to be speculative with respect to the issuer’s ability to pay interest
and principal. These investments also have a higher risk of issuer default, are subject to greater price volatility than investment
grade securities and may be illiquid.
Mortgage-Backed and Asset-Backed Securities Risk. The value of investments in mortgage-backed and asset-backed securities
is subject to interest rate risk and credit risk. These securities are also subject to the risk that borrowers will prepay the principal on
their loans more quickly than expected (prepayment risk) or more slowly than expected (extension risk), which will affect the
yield, average life and price of the securities. In addition, faster than expected prepayments may cause the Fund to invest the prepaid
principal in lower yielding securities and slower than expected prepayments may reduce the potential for the Fund to invest in
higher yielding securities.
Mortgage-Backed Security Risk (Government-Sponsored Enterprises). Debt and mortgage-backed securities issued by
government-sponsored enterprises (“GSEs”) such as the Federal National Mortgage Association (“FNMA”) and the Federal Home
Loan Mortgage Corporation (“FHLMC”) are neither insured nor guaranteed by the U.S. Treasury and are not backed by the full faith
and credit of the U.S. government. Such securities are only supported by the credit of the applicable GSE. The U.S. government
has provided financial support to FNMA and FHLMC, but there can be no assurance that it will support these or other GSEs in the future.
Leveraged Loan Risk. Leveraged loans are subject to the risks typically associated with debt securities, such as credit risk discussed
above. The loans in which the Fund will invest are expected to be below-investment-grade quality and to bear interest at a floating
rate that resets periodically. In addition, leveraged loans, which typically hold a senior position in the capital structure of a borrower,
are subject to the risk that a court could subordinate such loans to presently existing or future indebtedness or take other action
detrimental to the holders of leveraged loans. Leveraged loans are also subject to the risk that the value of the collateral, if any, securing
a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. Some leveraged loans are
not as easily purchased or sold as publicly-traded securities and others are illiquid, which may make it more difficult for the Fund
to value them or dispose of them at an acceptable price. Leveraged loans are usually more credit sensitive than investment-grade
securities.
Management Risk. The success of the Fund’s investment program depends on portfolio management’s successful application of
analytical skills and investment judgment. Active management involves subjective decisions. The individual investments of the Fund
may not perform as expected, and the Fund’s portfolio management practices may not achieve the desired result.
Interest Rate Risk. A change in interest rates may adversely affect the value of fixed-income securities. When interest rates rise,
the value of fixed-income securities will generally fall. Longer-term securities are subject to greater interest rate risk.
Portfolio Duration Risk. Duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in
interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates.
Defaulted Bonds Risk. For bonds in default (those rated “D” by Standard & Poor’s or the equivalent by another NRSRO), there is
a significant risk that these bonds will not achieve their original value.
Unrated Security Risk. Unrated securities may be less liquid than rated securities determined to be of comparable credit quality
by the investment adviser. When the Fund purchases unrated securities, it will depend on the investment adviser’s analysis of credit
risk without the assessment of a rating agency. The credit risk of an unrated security will vary depending on its credit quality and
whether it is supported by a credit enhancement.
Taxable Municipal Bond Risk. Taxable municipal bonds are subject to credit risk, interest rate risk and certain additional risks.
The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its
assets in the bonds of similar projects or industrial development bonds.
Calvert High Yield Bond Fund
3
Summary Prospectus dated February 1, 2017 as revised April 10, 2017
Trust Preferred Securities Risk. Trust preferred securities are preferred stocks issued by a special purpose trust subsidiary backed
by subordinated debt of the corporate parent. Trust preferred securities are subject to unique risks, which include the fact that dividend
payments will only be paid if interest payments on the underlying obligations are made, which interest payments are dependent
on the financial condition of the parent corporation. There is also the risk that the underlying obligations, and thus the trust preferred
securities, may be prepaid after a stated call date or as a result of certain tax or regulatory events, resulting in a lower yield to maturity.
Collateralized Mortgage Obligation and Structured Asset-Backed Securities Risk. A CMO is a multiclass bond that is backed by
a pool of mortgage loans or mortgage-backed securities. A structured ABS is a multiclass bond that is typically backed by a pool of
auto loans, credit card receivables, home equity loans or student loans. A CMO or structured ABS is subject to interest rate risk,
credit risk, prepayment risk and extension risk. In addition, if the Fund holds a class of a CMO or a structured ABS that is subordinated
to other classes backed by the same pool of collateral, the likelihood that the Fund will receive payments of principal may be
substantially limited.
Foreign Securities Risk. Investing in foreign securities involves additional risks relating to political, social, and economic developments
abroad. Other risks result from the differences between the regulations to which U.S. and foreign issuers and markets are subject,
and the potential for foreign markets to be less liquid and more volatile than U.S. markets. Foreign securities include ADRs.
Unsponsored ADRs involve additional risks because U.S. reporting requirements do not apply and the issuing bank will recover
shareholder distribution costs from movement of share prices and payment of dividends.
Foreign Currency Risk. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected
by fluctuations in currency exchange rates. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value
of an investment denominated in that currency will typically fall. ADRs indirectly bear currency risk because they represent an interest
in securities that are not denominated in U.S. dollars.
Active Trading Strategy Risk. The Fund employs an active style that seeks to position the Fund with securities that offer the
greatest price appreciation while minimizing risk. This style can result in higher turnover (exceeding 100%), may translate to
higher transaction costs and may increase your tax liability.
Responsible Investing Risk. Investing primarily in responsible investments carries the risk that, under certain market conditions,
the Fund may underperform funds that do not utilize a responsible investment strategy. The application of responsible investment
criteria may affect the Fund’s exposure to certain sectors or types of investments, and may impact the Fund’s relative investment
performance depending on whether such sectors or investments are in or out of favor in the market. An investment’s environmental,
social and governance (“ESG”) performance, or the Adviser’s assessment of such performance, may change over time, which
could cause the Fund to temporarily hold investments that do not comply with the Fund’s responsible investment criteria. In evaluating
an investment, the Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which
could cause the Adviser to misanalyze the ESG factors relevant to a particular investment. Successful application of the Fund’s
responsible investment strategy will depend on the Adviser’s skill in properly identifying and analyzing material ESG issues.
Futures Contracts Risk. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying
instrument. The price of futures can be highly volatile; using them could lower total return, and the potential loss from futures
can exceed the Fund’s initial investment in such contracts. Futures contracts may not provide an effective hedge of the underlying
securities or indexes because changes in the prices of futures contracts may not track those of the securities or indexes that they are
intended to hedge.
General Fund Investing Risks. The Fund is not a complete investment program and there is no guarantee that the Fund will
achieve its investment objective. It is possible to lose money by investing in the Fund. The Fund is designed to be a long-term
investment vehicle and is not suited for short-term trading. Investors in the Fund should have a long-term investment perspective
and be able to tolerate potentially sharp declines in value. An investment in the Fund is not a deposit in a bank and is not insured.
Calvert High Yield Bond Fund
4
Summary Prospectus dated February 1, 2017 as revised April 10, 2017
Performance
The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s
performance from year to year and how the Fund’s average annual returns over time compare with a broad-based securities market
index. The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the
returns would be lower. Past performance (both before and after taxes) is no guarantee of future results. The Fund’s performance
reflects the effects of expense reductions. Absent these reductions, performance would have been lower. Updated Fund performance
information can be obtained by visiting www.calvert.com.
For the ten years ended December 31, 2016, the highest quarterly total return for Class A was 10.92% for the quarter ended June 30, 2009 and the lowest quarterly return was -14.17% for the quarter ended
December 31, 2008.
Average Annual Total Returns as of December 31, 2016
One Year
Five Years
Ten Years
Class A Return Before Taxes
7.50%
5.21%
5.43%
Class A Return After Taxes on Distributions
5.09%
2.62%
2.96%
Class A Return After Taxes on Distributions and Sale of Class A Shares
4.61%
2.87%
3.13%
Class C Return Before Taxes
9.87%
5.00%
5.31%
Class Y Return Before Taxes
11.97%
6.29%
5.98%
Class I Return Before Taxes
12.10%
6.40%
6.29%
BofA Merrill Lynch U.S. High Yield Master II Index (reflects no deduction for fees, expenses or taxes)
17.49%
7.35%
7.35%
These returns reflect the maximum sales charge for Class A (3.75%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. Performance results for Class C shares prior to October 31, 2011
(the Class C shares’ inception date) reflect the performance of Class A shares at net asset value. Actual Class C share performance would have been lower than Class A share performance because Class C
has higher class-specific expenses than Class A. Performance results for Class Y shares prior to July 29, 2011 (the Class Y shares’ inception date) reflect the performance of Class A shares at net asset value.
Actual Class Y share performance would have been higher than Class A share performance because Class Y has lower class-specific expenses than Class A.
Pursuant to an Agreement and Plan of Reorganization, Class A shares and Class I shares of Calvert High Yield Bond Fund, a series of Summit Mutual Funds, Inc. (“SMF Calvert High Yield Bond Fund”), were
reorganized into the Class A shares and Class I shares, respectively, of an identical and newly created series of The Calvert Fund, Calvert High Yield Bond Fund, which commenced operations on September 18,
2009. The performance results prior to September 18, 2009, for Class A shares and Class I shares reflect the performance of SMF Calvert High Yield Bond Fund. In addition, performance results for Class A shares
prior to February 1, 2007, the inception date for Class A shares of SMF Calvert High Yield Bond Fund, reflect the performance of Class I shares of SMF Calvert High Yield Bond Fund, adjusted for the 12b-1
distribution fees applicable to Class A.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax
situation and may differ from those shown. The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement
account. The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred
on the sale of their shares. After-tax returns are shown only for Class A shares; after-tax returns for other Classes will vary.
Portfolio Management
Investment Adviser. Effective December 31, 2016, Calvert Research and Management (“CRM” or the “Adviser”) is the investment
adviser to the Fund.
Portfolio Managers.
Vishal Khanduja, CFA, Vice President of CRM, has managed the Fund since January 2013.
Michael W. Weilheimer, Vice President of CRM, has managed the Fund since December 31, 2016.
Raphael Leeman, Vice President of CRM, has managed the Fund since December 31, 2016.
Buying and Selling Shares
You can buy, sell (redeem) or exchange shares of the Fund, either through a financial professional or directly from the Fund, on
any day that the New York Stock Exchange is open. The share price is based on the Fund’s net asset value, determined after receipt
of your request in good order.
Calvert High Yield Bond Fund
5
Summary Prospectus dated February 1, 2017 as revised April 10, 2017
Share
Classes
Minimum
Subsequent
Investment
Minimum Initial Investment
Class A and Regular accounts $2,000
Class C
IRA Accounts $1,000
$250
$250
Except: $100, if establishing an Automatic Investment Plan (“AIP”). For an account that has met
the minimum initial investment requirement described above, you may make subsequent
automatic investments of $50.
The Fund may waive investment minimums and applicable service fees for certain investors,
including certain retirement plans.
Class Y
Regular accounts $2,000
$250
IRA Accounts $1,000
$250
Except: $100, if establishing an Automatic Investment Plan (“AIP”). For an account that has met
the minimum initial investment requirement described above, you may make subsequent
automatic investments of $50.
Generally available only to (1) wrap or similar fee-based programs offered by financial
intermediaries; and (2) retirement plans, foundations, endowments and other consultant-driven
business. The Fund may waive investment minimums and applicable service fees for certain
investors, including certain retirement plans.
Class I
$1,000,000
The initial investment minimum is waived for retirement plans that trade through omnibus
accounts. The Fund may waive the initial investment minimum for certain institutional accounts
where it is believed to be in the best interest of the Fund and its shareholders.
N/A
Class A and C Shares. To buy shares, contact your financial professional or open an account by completing and signing an application
(available by calling 800-368-2745). Make your check payable to the Fund.
Class Y Shares. Purchases must be made by bankwire or via the National Securities Clearing Corporation. For additional information,
call 800-368-2745.
Class I Shares. All initial and subsequent purchases must be made by bankwire or ACH funds transfer (each an “electronic funds
transfer”) in U.S. dollars. For wire instructions, call 800-368-2745.
To Buy Shares
New Accounts (include application) or Subsequent Investments (include investment slip):
Calvert Funds, P.O. Box 219544
Kansas City, MO 64121-9544
By Registered, Certified or Overnight Mail:
Calvert Funds, c/o BFDS
330 West 9th Street
Kansas City, MO 64105-1514
To Sell Shares
By Telephone: Call 800-368-2745
By Mail: Calvert Funds, P.O. Box 219544
Kansas City, MO 64121-9544
Tax Information
Unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account, any
dividends and distributions made by the Fund are taxable to you as ordinary income or capital gains and may also be subject to
state and local taxes.
Payments to Broker/Dealers and Other Financial Intermediaries
If you purchase shares of the Fund through a broker/dealer or other financial intermediary (such as a bank), the Fund and its
related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict
of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Fund over another
investment. Ask your salesperson or visit your financial intermediary’s website for more information.
24143 4.10.17
Click here to view the Fund’s Prospectus
Click here to view the Fund’s Statement of Additional Information
Printed on recycled paper using soy or vegetable inks.
Calvert High Yield Bond Fund
6
Summary Prospectus dated February 1, 2017 as revised April 10, 2017